Skip to content

Afresh Secures $115M in Series B Funding, Deploys Its Fresh Food Preservation Technology to Thousands of Stores Across the U.S.

SAN FRANCISCO, August 4, 2022 /PRNewswire/ — Afresh, the leading provider of AI-powered fresh produce management technology, today announced a $115 million Series B financing led by Spark Capital with participation from Insight Partners, VMG Partners and Bright Pixel Capital. Walter Robb, senior executive partner at S2G Ventures and former co-CEO of Whole Foods Market, is also involved in the deal. All previous investors, including Maersk Growth, High Sage and Innovation Endeavors, have also taken part in this project, bringing the company’s total funding to $148 million.

Afresh-Team

Afresh will use this investment to extend the reach of its Fresh Produce Operating System, an efficient and flexible solution for forecasting, inventory, ordering and store operations, to support new fresh produce categories like meat, bread and pastries. The funding will also be used to grow Afresh’s team and expand its operations across theEurope.

“Food, more than anything else, shapes the health of people and our planet. We founded Afresh with the goal of eliminating food waste and making nutritious food more accessible. We are excited to use this capital to expand the scale and reach of our Fresh Operating System,” said Matt Schwartzco-founder and CEO of Afresh.

Aiming to serve 10% of U.S. grocery stores by the end of 2022, Afresh has tripled its customer base in 2021, signing regional chains like CUB and national chains like Albertsons, with plans to roll out to more than 2,300 Albertsons stores in by the end of 2022. On average, stores that use Afresh’s solutions reduce their food waste by at least 25%. They also see a 2-4% increase in revenue and a 40% or more increase in operating margin.

“The breakthrough results Afresh delivers are not only visible in store bottom lines, but also extend to the impact on our planet through reduced food waste,” said Will Reed, General Partner at Spark. Capital. “We are proud to support Afresh in its next stage of growth as it continues its mission to curb climate change and improve our ability to feed the world in healthy ways. »

Afresh’s mission is to eliminate fresh food waste and increase access for all. Food waste is a huge problem in the United States and around the world, and studies have shown that approximately 40% of all food in the United States is thrown away. The Drawdown Project cites reducing food waste as the number one lever to curb climate change. Afresh is on track to help retailers save 34 million pounds of food waste by the end of 2022.

“Afresh is developing a tool for the modern era that not only helps grocers manage different types of fresh produce more efficiently, but also reduces food waste at the retail level, which stands at 30-35% per year,” Robb said. “Furthermore, I have been impressed with Afresh working closely with store teams to ensure that its technology is not only easy to use, but also empowering. allowing grocers to serve the freshest foods to their customers. »

About Afresh

Afresh is the global leader in fresh produce management technology. Afresh’s AI-powered solutions optimize critical fresh food functions including ordering, inventory, merchandising and operations. Afresh dramatically reduces food waste, improves partner profitability, and makes fresher, healthier food more accessible to everyone. Founded in 2017 with a mission to eliminate food waste and make fresh food accessible to everyone, Afresh has grown rapidly with grocery store customers across the United States. Today, Afresh announced partnerships with grocers in more than 3,000 stores and 40 states, including Albertsons, WinCo Foods, Heinen’s, Save Mart, Bashas, ​​Cub Foods, and more. To find out more, visit the website www.afresh.com.

Photo : https://mma.prnewswire.com/media/1868651/Afresh_Team.jpg

Leave a Reply

Your email address will not be published.